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Delaware
(State or Other Jurisdiction of Incorporation or Organization) |
47-0351813
(I.R.S. Employer Identification No.) |
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One Valmont Plaza,
Omaha, Nebraska (Address of Principal Executive Offices) |
68154-5215 (Zip Code) |
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Large accelerated filer
x
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Accelerated filer
o
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Non‑accelerated filer
o
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Smaller reporting company
o
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(Do not check if a
smaller reporting company) |
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Page No.
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PART I. FINANCIAL INFORMATION
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Item 1
.
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Condensed Consolidated Statements of Earnings for the thirteen
and thirty-nine weeks
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ended September 26, 2015 and September 27, 2014
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thirty-nine weeks ended September 26, 2015 and September 27, 2014
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Condensed Consolidated Balance Sheets as of September 26, 2015 and December 27,
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2014
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Condensed Consolidated Statements of Cash Flows for the thirty-nine weeks ended
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September 26, 2015 and September 27, 2014
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Condensed Consolidated Statements of Shareholders' Equity for the thirty-nine
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weeks ended September 26, 2015 and September 27, 2014
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Item 2.
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Item 3.
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45
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Item 4.
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45
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PART II. OTHER INFORMATION
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Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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46
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Item 6.
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46
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47
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Thirteen Weeks Ended
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Thirty-nine Weeks Ended
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||||||||||||
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September 26,
2015 |
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September 27,
2014 |
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September 26,
2015 |
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September 27,
2014 |
||||||||
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Product sales
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$
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560,518
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$
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686,508
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$
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1,776,194
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$
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2,134,395
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Services sales
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72,057
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79,160
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208,902
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225,612
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||||
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Net sales
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632,575
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765,668
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1,985,096
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2,360,007
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Product cost of sales
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427,688
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515,217
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1,348,402
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1,586,127
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||||
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Services cost of sales
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48,136
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50,951
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144,941
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146,921
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Total cost of sales
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475,824
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566,168
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1,493,343
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1,733,048
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Gross profit
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156,751
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199,500
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491,753
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626,959
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Selling, general and administrative expenses
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104,539
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111,697
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327,858
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335,532
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||||
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Impairment of goodwill and intangible assets
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15,200
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—
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15,200
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—
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||||
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Operating income
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37,012
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87,803
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148,695
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291,427
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Other income (expenses):
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Interest expense
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(11,120
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)
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(8,716
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)
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(33,480
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)
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(25,217
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)
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Interest income
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905
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1,477
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2,395
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4,793
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Costs associated with refinancing of debt
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—
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(38,705
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)
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—
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(38,705
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)
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Other
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(1,230
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)
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(2,344
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)
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(242
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)
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(6,253
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)
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||||
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(11,445
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)
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(48,288
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)
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(31,327
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)
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(65,382
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)
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Earnings before income taxes
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25,567
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39,515
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117,368
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226,045
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Income tax expense (benefit):
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Current
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6,746
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23,290
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37,656
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82,345
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Deferred
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5,272
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(9,064
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)
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5,217
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(4,034
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)
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||||
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12,018
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14,226
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42,873
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78,311
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Earnings before equity in earnings of nonconsolidated subsidiaries
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13,549
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25,289
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74,495
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147,734
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Equity in earnings of nonconsolidated subsidiaries
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—
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(4
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)
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—
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(34
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)
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Net earnings
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13,549
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25,285
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74,495
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147,700
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Less: Earnings attributable to noncontrolling interests
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(1,483
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)
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(1,726
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)
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(3,817
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)
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(4,185
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)
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Net earnings attributable to Valmont Industries, Inc.
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$
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12,066
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$
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23,559
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$
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70,678
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$
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143,515
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Earnings per share:
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Basic
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$
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0.52
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$
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0.93
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$
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3.02
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$
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5.48
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Diluted
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$
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0.52
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$
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0.92
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$
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3.00
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$
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5.43
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Cash dividends declared per share
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$
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0.375
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$
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0.375
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$
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1.125
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$
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1.000
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Weighted average number of shares of common stock outstanding - Basic (000 omitted)
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23,057
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25,287
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23,420
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26,208
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||||
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Weighted average number of shares of common stock outstanding - Diluted (000 omitted)
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23,170
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25,513
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23,534
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26,439
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||||
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Thirteen Weeks Ended
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Thirty-nine Weeks Ended
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||||||||||||
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September 26,
2015 |
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September 27,
2014 |
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September 26,
2015 |
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September 27,
2014 |
||||||||
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Net earnings
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$
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13,549
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$
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25,285
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$
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74,495
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$
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147,700
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Other comprehensive income (loss), net of tax:
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||||||||
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Foreign currency translation adjustments:
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||||||||
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Unrealized translation gain (loss)
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(53,518
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)
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(59,001
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)
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(93,368
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)
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(33,495
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)
|
||||
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Unrealized gain/(loss) on cash flow hedge:
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||||||||
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Amortization cost included in interest expense
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18
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383
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55
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450
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||||
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Realized (gain) loss included in net earnings during the period
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(439
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)
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983
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(439
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)
|
|
983
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|
||||
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Gain on cash flow hedges
|
110
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4,837
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1,155
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|
|
4,837
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|
||||
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Actuarial gain (loss) in defined benefit pension plan
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—
|
|
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1,116
|
|
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—
|
|
|
269
|
|
||||
|
Other comprehensive income (loss)
|
(53,829
|
)
|
|
(51,682
|
)
|
|
(92,597
|
)
|
|
(26,956
|
)
|
||||
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Comprehensive income (loss)
|
(40,280
|
)
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(26,397
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)
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(18,102
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)
|
|
120,744
|
|
||||
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Comprehensive loss (income) attributable to noncontrolling interests
|
847
|
|
|
89
|
|
|
206
|
|
|
(1,615
|
)
|
||||
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Comprehensive income (loss) attributable to Valmont Industries, Inc.
|
$
|
(39,433
|
)
|
|
$
|
(26,308
|
)
|
|
$
|
(17,896
|
)
|
|
$
|
119,129
|
|
|
|
September 26,
2015 |
|
December 27,
2014 |
||||
|
ASSETS
|
|
|
|
||||
|
Current assets:
|
|
|
|
||||
|
Cash and cash equivalents
|
$
|
312,851
|
|
|
$
|
371,579
|
|
|
Receivables, net
|
501,403
|
|
|
536,918
|
|
||
|
Inventories
|
368,290
|
|
|
359,522
|
|
||
|
Prepaid expenses
|
52,208
|
|
|
56,912
|
|
||
|
Refundable and deferred income taxes
|
44,736
|
|
|
68,010
|
|
||
|
Total current assets
|
1,279,488
|
|
|
1,392,941
|
|
||
|
Property, plant and equipment, at cost
|
1,083,211
|
|
|
1,139,569
|
|
||
|
Less accumulated depreciation and amortization
|
539,976
|
|
|
533,116
|
|
||
|
Net property, plant and equipment
|
543,235
|
|
|
606,453
|
|
||
|
Goodwill
|
362,683
|
|
|
385,111
|
|
||
|
Other intangible assets, net
|
175,157
|
|
|
202,004
|
|
||
|
Other assets
|
129,138
|
|
|
143,159
|
|
||
|
Total assets
|
$
|
2,489,701
|
|
|
$
|
2,729,668
|
|
|
|
|
|
|
||||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
|
Current liabilities:
|
|
|
|
||||
|
Current installments of long-term debt
|
$
|
1,099
|
|
|
$
|
1,181
|
|
|
Notes payable to banks
|
1,496
|
|
|
13,952
|
|
||
|
Accounts payable
|
186,581
|
|
|
196,565
|
|
||
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Accrued employee compensation and benefits
|
70,249
|
|
|
87,950
|
|
||
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Accrued expenses
|
104,779
|
|
|
88,480
|
|
||
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Dividends payable
|
8,649
|
|
|
9,086
|
|
||
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Total current liabilities
|
372,853
|
|
|
397,214
|
|
||
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Deferred income taxes
|
66,200
|
|
|
71,797
|
|
||
|
Long-term debt, excluding current installments
|
764,823
|
|
|
766,654
|
|
||
|
Defined benefit pension liability
|
129,600
|
|
|
150,124
|
|
||
|
Deferred compensation
|
48,637
|
|
|
47,932
|
|
||
|
Other noncurrent liabilities
|
41,811
|
|
|
45,542
|
|
||
|
Shareholders’ equity:
|
|
|
|
||||
|
Preferred stock of $1 par value -
|
|
|
|
||||
|
Authorized 500,000 shares; none issued
|
—
|
|
|
—
|
|
||
|
Common stock of $1 par value -
|
|
|
|
||||
|
Authorized 75,000,000 shares; 27,900,000 issued
|
27,900
|
|
|
27,900
|
|
||
|
Retained earnings
|
1,767,621
|
|
|
1,718,662
|
|
||
|
Accumulated other comprehensive income (loss)
|
(223,007
|
)
|
|
(134,433
|
)
|
||
|
Treasury stock
|
(552,780
|
)
|
|
(410,296
|
)
|
||
|
Total Valmont Industries, Inc. shareholders’ equity
|
1,019,734
|
|
|
1,201,833
|
|
||
|
Noncontrolling interest in consolidated subsidiaries
|
46,043
|
|
|
48,572
|
|
||
|
Total shareholders’ equity
|
1,065,777
|
|
|
1,250,405
|
|
||
|
Total liabilities and shareholders’ equity
|
$
|
2,489,701
|
|
|
$
|
2,729,668
|
|
|
|
Thirty-nine Weeks Ended
|
||||||
|
|
September 26,
2015 |
|
September 27,
2014 |
||||
|
Cash flows from operating activities:
|
|
|
|
||||
|
Net earnings
|
$
|
74,495
|
|
|
$
|
147,700
|
|
|
Adjustments to reconcile net earnings to net cash flows from operations:
|
|
|
|
||||
|
Depreciation and amortization
|
70,859
|
|
|
64,460
|
|
||
|
Noncash loss on trading securities
|
5,020
|
|
|
4,859
|
|
||
|
Impairment of assets - restructuring activities
|
12,659
|
|
|
—
|
|
||
|
Impairment of goodwill & intangible assets
|
15,200
|
|
|
—
|
|
||
|
Non-cash debt refinancing costs
|
—
|
|
|
(2,478
|
)
|
||
|
Stock-based compensation
|
5,667
|
|
|
5,444
|
|
||
|
Change in fair value of contingent consideration
|
—
|
|
|
4,300
|
|
||
|
Defined benefit pension plan expense (benefit)
|
(460
|
)
|
|
2,003
|
|
||
|
Contribution to defined benefit pension plan
|
(15,735
|
)
|
|
(18,245
|
)
|
||
|
Gain on sale of property, plant and equipment
|
1,263
|
|
|
58
|
|
||
|
Equity in earnings in nonconsolidated subsidiaries
|
—
|
|
|
34
|
|
||
|
Deferred income taxes
|
5,217
|
|
|
(4,034
|
)
|
||
|
Changes in assets and liabilities (net of acquisitions):
|
|
|
|
||||
|
Receivables
|
5,551
|
|
|
(19,951
|
)
|
||
|
Inventories
|
(25,447
|
)
|
|
(4,152
|
)
|
||
|
Prepaid expenses
|
5,275
|
|
|
(19,182
|
)
|
||
|
Accounts payable
|
832
|
|
|
(21,082
|
)
|
||
|
Accrued expenses
|
7,368
|
|
|
(27,926
|
)
|
||
|
Other noncurrent liabilities
|
887
|
|
|
(6,409
|
)
|
||
|
Income taxes refundable
|
14,171
|
|
|
(22,702
|
)
|
||
|
Net cash flows from operating activities
|
182,822
|
|
|
82,697
|
|
||
|
Cash flows from investing activities:
|
|
|
|
||||
|
Purchase of property, plant and equipment
|
(34,447
|
)
|
|
(63,412
|
)
|
||
|
Proceeds from sale of assets
|
3,256
|
|
|
2,107
|
|
||
|
Acquisitions, net of cash acquired
|
—
|
|
|
(137,438
|
)
|
||
|
Other, net
|
5,980
|
|
|
2,992
|
|
||
|
Net cash flows from investing activities
|
(25,211
|
)
|
|
(195,751
|
)
|
||
|
Cash flows from financing activities:
|
|
|
|
||||
|
Net borrowings under short-term agreements
|
(12,322
|
)
|
|
(1,065
|
)
|
||
|
Proceeds from long-term borrowings
|
37,000
|
|
|
652,540
|
|
||
|
Principal payments on long-term borrowings
|
(37,878
|
)
|
|
(357,059
|
)
|
||
|
Settlement of financial derivatives
|
—
|
|
|
4,837
|
|
||
|
Dividends paid
|
(26,708
|
)
|
|
(23,357
|
)
|
||
|
Dividends to noncontrolling interest
|
(2,323
|
)
|
|
(1,340
|
)
|
||
|
Debt issuance costs
|
—
|
|
|
(5,464
|
)
|
||
|
Purchase of treasury shares
|
(148,220
|
)
|
|
(316,296
|
)
|
||
|
Proceeds from exercises under stock plans
|
10,902
|
|
|
12,824
|
|
||
|
Excess tax benefits from stock option exercises
|
1,458
|
|
|
3,916
|
|
||
|
Purchase of common treasury shares—stock plan exercises
|
(12,135
|
)
|
|
(12,739
|
)
|
||
|
Net cash flows from financing activities
|
(190,226
|
)
|
|
(43,203
|
)
|
||
|
Effect of exchange rate changes on cash and cash equivalents
|
(26,113
|
)
|
|
(5,231
|
)
|
||
|
Net change in cash and cash equivalents
|
(58,728
|
)
|
|
(161,488
|
)
|
||
|
Cash and cash equivalents—beginning of year
|
371,579
|
|
|
613,706
|
|
||
|
Cash and cash equivalents—end of period
|
$
|
312,851
|
|
|
$
|
452,218
|
|
|
|
Common
stock |
|
Additional
paid-in capital |
|
Retained
earnings |
|
Accumulated
other comprehensive income (loss) |
|
Treasury
stock |
|
Noncontrolling
interest in consolidated subsidiaries |
|
Total
shareholders’ equity |
||||||||||||||
|
Balance at December 28, 2013
|
$
|
27,900
|
|
|
$
|
—
|
|
|
$
|
1,562,670
|
|
|
$
|
(47,685
|
)
|
|
$
|
(20,860
|
)
|
|
$
|
22,821
|
|
|
$
|
1,544,846
|
|
|
Net earnings
|
—
|
|
|
—
|
|
|
143,515
|
|
|
—
|
|
|
—
|
|
|
4,185
|
|
|
147,700
|
|
|||||||
|
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,386
|
)
|
|
—
|
|
|
(2,570
|
)
|
|
(26,956
|
)
|
|||||||
|
Cash dividends declared
|
—
|
|
|
—
|
|
|
(25,950
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25,950
|
)
|
|||||||
|
Dividends to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,340
|
)
|
|
(1,340
|
)
|
|||||||
|
Acquisition of AgSense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,333
|
|
|
16,333
|
|
|||||||
|
Acquisition of DS SM
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,232
|
|
|
9,232
|
|
|||||||
|
Addition of noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
404
|
|
|
404
|
|
|||||||
|
Purchase of treasury shares; 2,126,392 shares acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(316,296
|
)
|
|
—
|
|
|
(316,296
|
)
|
|||||||
|
Stock plan exercises; 83,431 shares acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,739
|
)
|
|
—
|
|
|
(12,739
|
)
|
|||||||
|
Stock options exercised; 171,508 shares issued
|
—
|
|
|
(9,360
|
)
|
|
7,301
|
|
|
—
|
|
|
14,883
|
|
|
—
|
|
|
12,824
|
|
|||||||
|
Tax benefit from stock option exercises
|
—
|
|
|
3,916
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,916
|
|
|||||||
|
Stock option expense
|
—
|
|
|
3,767
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,767
|
|
|||||||
|
Stock awards; 8,247 shares issued
|
—
|
|
|
1,677
|
|
|
—
|
|
|
—
|
|
|
1,268
|
|
|
—
|
|
|
2,945
|
|
|||||||
|
Balance at September 27, 2014
|
$
|
27,900
|
|
|
$
|
—
|
|
|
$
|
1,687,536
|
|
|
$
|
(72,071
|
)
|
|
$
|
(333,744
|
)
|
|
$
|
49,065
|
|
|
$
|
1,358,686
|
|
|
Balance at December 27, 2014
|
$
|
27,900
|
|
|
$
|
—
|
|
|
$
|
1,718,662
|
|
|
$
|
(134,433
|
)
|
|
$
|
(410,296
|
)
|
|
$
|
48,572
|
|
|
$
|
1,250,405
|
|
|
Net earnings
|
—
|
|
|
—
|
|
|
70,678
|
|
|
—
|
|
|
—
|
|
|
3,817
|
|
|
74,495
|
|
|||||||
|
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(88,574
|
)
|
|
—
|
|
|
(4,023
|
)
|
|
(92,597
|
)
|
|||||||
|
Cash dividends declared
|
—
|
|
|
—
|
|
|
(26,249
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26,249
|
)
|
|||||||
|
Dividends to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,323
|
)
|
|
(2,323
|
)
|
|||||||
|
Purchase of treasury shares; 1,236,771 shares acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(148,220
|
)
|
|
—
|
|
|
(148,220
|
)
|
|||||||
|
Stock plan exercises; 98,367 shares acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,135
|
)
|
|
—
|
|
|
(12,135
|
)
|
|||||||
|
Stock options exercised; 138,657 shares issued
|
—
|
|
|
(11,078
|
)
|
|
4,530
|
|
|
—
|
|
|
17,450
|
|
|
—
|
|
|
10,902
|
|
|||||||
|
Tax benefit from stock option exercises
|
—
|
|
|
1,458
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,458
|
|
|||||||
|
Stock option expense
|
—
|
|
|
3,936
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,936
|
|
|||||||
|
Stock awards; 5,943 shares issued
|
—
|
|
|
5,684
|
|
|
—
|
|
|
—
|
|
|
421
|
|
|
—
|
|
|
6,105
|
|
|||||||
|
Balance at September 26, 2015
|
$
|
27,900
|
|
|
$
|
—
|
|
|
$
|
1,767,621
|
|
|
$
|
(223,007
|
)
|
|
$
|
(552,780
|
)
|
|
$
|
46,043
|
|
|
$
|
1,065,777
|
|
|
|
September 26,
2015 |
|
December 27,
2014 |
||||
|
Raw materials and purchased parts
|
$
|
181,618
|
|
|
$
|
179,093
|
|
|
Work-in-process
|
28,934
|
|
|
27,835
|
|
||
|
Finished goods and manufactured goods
|
194,806
|
|
|
199,772
|
|
||
|
Subtotal
|
405,358
|
|
|
406,700
|
|
||
|
Less: LIFO reserve
|
37,068
|
|
|
47,178
|
|
||
|
|
$
|
368,290
|
|
|
$
|
359,522
|
|
|
|
Thirteen Weeks Ended
|
|
Thirty-nine Weeks Ended
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
United States
|
$
|
26,343
|
|
|
$
|
4,844
|
|
|
$
|
92,625
|
|
|
$
|
141,635
|
|
|
Foreign
|
(776
|
)
|
|
34,671
|
|
|
24,743
|
|
|
84,410
|
|
||||
|
|
$
|
25,567
|
|
|
$
|
39,515
|
|
|
$
|
117,368
|
|
|
$
|
226,045
|
|
|
|
Thirteen Weeks Ended
|
|
Thirty-nine Weeks Ended
|
||||||||||||
|
Net periodic (benefit) expense:
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
Interest cost
|
$
|
6,186
|
|
|
$
|
7,274
|
|
|
$
|
18,486
|
|
|
$
|
21,783
|
|
|
Expected return on plan assets
|
(6,341
|
)
|
|
(6,605
|
)
|
|
(18,946
|
)
|
|
(19,780
|
)
|
||||
|
Net periodic (benefit) expense
|
$
|
(155
|
)
|
|
$
|
669
|
|
|
$
|
(460
|
)
|
|
$
|
2,003
|
|
|
|
Thirteen Weeks Ended
|
|
Thirty-nine Weeks Ended
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
Compensation expense
|
$
|
1,283
|
|
|
$
|
1,242
|
|
|
$
|
3,936
|
|
|
$
|
3,767
|
|
|
Income tax benefits
|
494
|
|
|
478
|
|
|
1,515
|
|
|
1,450
|
|
||||
|
|
|
|
Fair Value Measurement Using:
|
||||||||||||
|
|
Carrying Value
September 26, 2015 |
|
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
|
Significant Other
Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
|
Assets:
|
|
|
|
|
|
|
|
||||||||
|
Trading Securities
|
$
|
42,375
|
|
|
$
|
42,375
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
Fair Value Measurement Using:
|
||||||||||||
|
|
Carrying Value
December 27, 2014 |
|
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
|
Significant Other
Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
|
Assets:
|
|
|
|
|
|
|
|
||||||||
|
Trading Securities
|
$
|
45,473
|
|
|
$
|
45,473
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Foreign Currency Translation Adjustments
|
|
Unrealized Gain on Cash Flow Hedge
|
|
Defined Benefit Pension Plan
|
|
Accumulated Other Comprehensive Income
|
||||||||
|
Balance at December 27, 2014
|
$
|
(99,618
|
)
|
|
$
|
3,879
|
|
|
$
|
(38,694
|
)
|
|
$
|
(134,433
|
)
|
|
Current-period comprehensive income (loss)
|
(89,345
|
)
|
|
771
|
|
|
—
|
|
|
(88,574
|
)
|
||||
|
Balance at September 26, 2015
|
$
|
(188,963
|
)
|
|
$
|
4,650
|
|
|
$
|
(38,694
|
)
|
|
$
|
(223,007
|
)
|
|
|
|
At March 3, 2014
|
||
|
Current assets
|
|
$
|
73,421
|
|
|
Property, plant and equipment
|
|
85,638
|
|
|
|
Intangible assets
|
|
30,340
|
|
|
|
Goodwill
|
|
16,803
|
|
|
|
Total fair value of assets acquired
|
|
$
|
206,202
|
|
|
Current liabilities
|
|
47,754
|
|
|
|
Deferred income taxes
|
|
19,715
|
|
|
|
Intercompany note payable
|
|
37,448
|
|
|
|
Long-term debt
|
|
8,941
|
|
|
|
Total fair value of liabilities assumed
|
|
113,858
|
|
|
|
Non-controlling interests
|
|
9,309
|
|
|
|
Net assets acquired
|
|
$
|
83,035
|
|
|
|
|
Amount
|
|
Weighted Average Amortization Period (Years)
|
||
|
Trade Names
|
|
$
|
11,470
|
|
|
Indefinite
|
|
Backlog
|
|
3,145
|
|
|
1.5
|
|
|
Customer Relationships
|
|
15,725
|
|
|
12.0
|
|
|
Total Intangible Assets
|
|
$
|
30,340
|
|
|
|
|
|
|
At October 6, 2014
|
||
|
Current assets
|
|
$
|
12,532
|
|
|
Property, plant and equipment
|
|
10,694
|
|
|
|
Intangible assets
|
|
13,500
|
|
|
|
Goodwill
|
|
15,416
|
|
|
|
Total fair value of assets acquired
|
|
$
|
52,142
|
|
|
Current liabilities
|
|
3,870
|
|
|
|
Net assets acquired
|
|
$
|
48,272
|
|
|
|
|
Amount
|
|
Weighted Average Amortization Period (Years)
|
||
|
Trade Names
|
|
$
|
4,000
|
|
|
Indefinite
|
|
Customer Relationships
|
|
9,500
|
|
|
12.0
|
|
|
Total Intangible Assets
|
|
$
|
13,500
|
|
|
|
|
|
Thirteen Weeks Ended September 27, 2014
|
Thirty-nine Weeks Ended September 27, 2014
|
||||
|
Net sales
|
$
|
780,478
|
|
$
|
2,438,811
|
|
|
Net earnings
|
$
|
24,002
|
|
$
|
147,443
|
|
|
Earnings per share—diluted
|
$
|
0.94
|
|
$
|
5.58
|
|
|
|
|
EIP
|
|
Utility
|
|
Coatings
|
|
Irrigation
|
|
Other/ Corporate
|
|
TOTAL
|
||||||||||||
|
Severance
|
|
$
|
3,850
|
|
|
$
|
1,638
|
|
|
$
|
429
|
|
|
$
|
245
|
|
|
$
|
75
|
|
|
$
|
6,237
|
|
|
Other cash restructuring expenses
|
|
1,612
|
|
|
1,895
|
|
|
178
|
|
|
100
|
|
|
—
|
|
|
3,785
|
|
||||||
|
Asset impairments/net loss on disposals
|
|
2,573
|
|
|
788
|
|
|
4,699
|
|
|
—
|
|
|
—
|
|
|
8,060
|
|
||||||
|
Total cost of sales
|
|
8,035
|
|
|
4,321
|
|
|
5,306
|
|
|
345
|
|
|
75
|
|
|
18,082
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Severance
|
|
4,335
|
|
|
404
|
|
|
—
|
|
|
629
|
|
|
1,250
|
|
|
6,618
|
|
||||||
|
Other cash restructuring expenses
|
|
—
|
|
|
328
|
|
|
270
|
|
|
—
|
|
|
—
|
|
|
598
|
|
||||||
|
Asset impairments/net loss on disposals
|
|
2,080
|
|
|
—
|
|
|
—
|
|
|
130
|
|
|
3,700
|
|
|
5,910
|
|
||||||
|
Total selling, general and administrative expenses
|
|
6,415
|
|
|
732
|
|
|
270
|
|
|
759
|
|
|
4,950
|
|
|
13,126
|
|
||||||
|
Consolidated total
|
|
$
|
14,450
|
|
|
$
|
5,053
|
|
|
$
|
5,576
|
|
|
$
|
1,104
|
|
|
$
|
5,025
|
|
|
$
|
31,208
|
|
|
|
|
EIP
|
|
Other/ Corporate
|
|
TOTAL
|
||||||
|
Severance
|
|
$
|
2,000
|
|
|
$
|
250
|
|
|
$
|
2,250
|
|
|
Other cash restructuring expenses
|
|
700
|
|
|
250
|
|
|
950
|
|
|||
|
Asset impairments/net loss on disposals
|
|
3,800
|
|
|
500
|
|
|
4,300
|
|
|||
|
Total cost of sales
|
|
6,500
|
|
|
1,000
|
|
|
7,500
|
|
|||
|
Severance
|
|
500
|
|
|
1,150
|
|
|
1,650
|
|
|||
|
Asset impairments/net loss on disposals
|
|
600
|
|
|
3,500
|
|
|
4,100
|
|
|||
|
Total selling, general and administrative expenses
|
|
1,100
|
|
|
4,650
|
|
|
5,750
|
|
|||
|
Consolidated total
|
|
$
|
7,600
|
|
|
$
|
5,650
|
|
|
$
|
13,250
|
|
|
|
|
EIP
|
|
Utility
|
|
Coatings
|
|
Irrigation
|
|
Other/ Corporate
|
|
TOTAL
|
||||||||||||
|
Severance
|
|
$
|
1,819
|
|
|
$
|
204
|
|
|
$
|
120
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,143
|
|
|
Other cash restructuring expenses
|
|
354
|
|
|
674
|
|
|
138
|
|
|
—
|
|
|
—
|
|
|
1,166
|
|
||||||
|
Asset impairments/net loss on disposals
|
|
910
|
|
|
43
|
|
|
548
|
|
|
—
|
|
|
—
|
|
|
1,501
|
|
||||||
|
Total cost of sales
|
|
3,083
|
|
|
921
|
|
|
806
|
|
|
—
|
|
|
—
|
|
|
4,810
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Severance
|
|
1,485
|
|
|
—
|
|
|
—
|
|
|
52
|
|
|
400
|
|
|
1,937
|
|
||||||
|
Other cash restructuring expenses
|
|
—
|
|
|
238
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
238
|
|
||||||
|
Asset impairments/net loss on disposals
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,815
|
|
|
1,815
|
|
||||||
|
Total selling, general and administrative expenses
|
|
1,485
|
|
|
238
|
|
|
—
|
|
|
52
|
|
|
2,215
|
|
|
3,990
|
|
||||||
|
Consolidated total
|
|
$
|
4,568
|
|
|
$
|
1,159
|
|
|
$
|
806
|
|
|
$
|
52
|
|
|
$
|
2,215
|
|
|
$
|
8,800
|
|
|
|
|
EIP
|
|
Utility
|
|
Coatings
|
|
Irrigation
|
|
Other/ Corporate
|
|
TOTAL
|
||||||||||||
|
Severance
|
|
$
|
2,814
|
|
|
$
|
1,813
|
|
|
$
|
429
|
|
|
$
|
—
|
|
|
$
|
73
|
|
|
$
|
5,129
|
|
|
Other cash restructuring expenses
|
|
399
|
|
|
820
|
|
|
178
|
|
|
—
|
|
|
—
|
|
|
1,397
|
|
||||||
|
Asset impairments/net loss on disposals
|
|
1,707
|
|
|
338
|
|
|
4,699
|
|
|
—
|
|
|
—
|
|
|
6,744
|
|
||||||
|
Total cost of sales
|
|
4,920
|
|
|
2,971
|
|
|
5,306
|
|
|
—
|
|
|
73
|
|
|
13,270
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Severance
|
|
2,835
|
|
|
405
|
|
|
—
|
|
|
271
|
|
|
640
|
|
|
4,151
|
|
||||||
|
Other cash restructuring expenses
|
|
—
|
|
|
238
|
|
|
270
|
|
|
—
|
|
|
—
|
|
|
508
|
|
||||||
|
Asset impairments/net loss on disposals
|
|
2,080
|
|
|
—
|
|
|
—
|
|
|
130
|
|
|
3,705
|
|
|
5,915
|
|
||||||
|
Total selling, general and administrative expenses
|
|
4,915
|
|
|
643
|
|
|
270
|
|
|
401
|
|
|
4,345
|
|
|
10,574
|
|
||||||
|
Consolidated total
|
|
$
|
9,835
|
|
|
$
|
3,614
|
|
|
$
|
5,576
|
|
|
$
|
401
|
|
|
$
|
4,418
|
|
|
$
|
23,844
|
|
|
|
|
Balance at December 27, 2014
|
|
Recognized Restructuring Expense
|
|
Costs Paid or Otherwise Settled
|
|
Balance at September 26, 2015
|
||||||||
|
Severance
|
|
$
|
—
|
|
|
$
|
9,280
|
|
|
$
|
(5,501
|
)
|
|
$
|
3,779
|
|
|
Other cash restructuring expenses
|
|
—
|
|
|
1,904
|
|
|
(1,664
|
)
|
|
240
|
|
||||
|
Total
|
|
$
|
—
|
|
|
$
|
11,184
|
|
|
$
|
(7,165
|
)
|
|
$
|
4,019
|
|
|
|
September 26, 2015
|
||||||||
|
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Weighted
Average Life |
||||
|
Customer Relationships
|
$
|
202,199
|
|
|
$
|
98,523
|
|
|
13 years
|
|
Proprietary Software & Database
|
3,534
|
|
|
2,929
|
|
|
8 years
|
||
|
Patents & Proprietary Technology
|
12,659
|
|
|
9,211
|
|
|
8 years
|
||
|
Other
|
3,833
|
|
|
3,764
|
|
|
3 years
|
||
|
|
$
|
222,225
|
|
|
$
|
114,427
|
|
|
|
|
|
December 27, 2014
|
||||||||
|
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Weighted
Average Life |
||||
|
Customer Relationships
|
$
|
207,509
|
|
|
$
|
88,538
|
|
|
13 years
|
|
Proprietary Software & Database
|
3,769
|
|
|
2,977
|
|
|
8 years
|
||
|
Patents & Proprietary Technology
|
12,394
|
|
|
8,537
|
|
|
8 years
|
||
|
Other
|
4,355
|
|
|
2,998
|
|
|
3 years
|
||
|
|
$
|
228,027
|
|
|
$
|
103,050
|
|
|
|
|
Thirteen Weeks Ended
|
||||||
|
2015
|
|
2014
|
||||
|
$
|
4,507
|
|
|
$
|
4,702
|
|
|
|
Thirty-nine Weeks Ended
|
||||||
|
|
2015
|
|
2014
|
||||
|
|
$
|
14,157
|
|
|
$
|
13,439
|
|
|
|
Estimated
Amortization Expense |
||
|
2015
|
$
|
18,154
|
|
|
2016
|
15,944
|
|
|
|
2017
|
15,898
|
|
|
|
2018
|
14,261
|
|
|
|
2019
|
13,434
|
|
|
|
|
September 26,
2015 |
|
December 27,
2014 |
|
Year Acquired
|
||||
|
Webforge
|
$
|
11,477
|
|
|
$
|
16,801
|
|
|
2010
|
|
Valmont SM
|
9,284
|
|
|
10,818
|
|
|
2014
|
||
|
Newmark
|
11,111
|
|
|
11,111
|
|
|
2004
|
||
|
Ingal EPS/Ingal Civil Products
|
8,668
|
|
|
8,867
|
|
|
2010
|
||
|
Donhad
|
6,539
|
|
|
6,689
|
|
|
2010
|
||
|
Shakespeare
|
4,000
|
|
|
4,000
|
|
|
2014
|
||
|
Industrial Galvanizers
|
2,713
|
|
|
3,889
|
|
|
2010
|
||
|
Other
|
13,567
|
|
|
14,852
|
|
|
|
||
|
|
$
|
67,359
|
|
|
$
|
77,027
|
|
|
|
|
|
Engineered
Infrastructure Products Segment |
|
Utility
Support Structures Segment |
|
Coatings
Segment |
|
Irrigation
Segment |
|
Other
|
|
Total
|
||||||||||||
|
Balance at December 27, 2014
|
$
|
197,074
|
|
|
$
|
75,404
|
|
|
$
|
74,862
|
|
|
$
|
19,536
|
|
|
$
|
18,235
|
|
|
$
|
385,111
|
|
|
Impairment
|
—
|
|
|
—
|
|
|
(9,100
|
)
|
|
—
|
|
|
—
|
|
|
(9,100
|
)
|
||||||
|
Foreign currency translation
|
(8,840
|
)
|
|
—
|
|
|
(2,145
|
)
|
|
(196
|
)
|
|
(410
|
)
|
|
(11,591
|
)
|
||||||
|
Divestiture of business
|
(1,737
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,737
|
)
|
||||||
|
Balance at September 26, 2015
|
$
|
186,497
|
|
|
$
|
75,404
|
|
|
$
|
63,617
|
|
|
$
|
19,340
|
|
|
$
|
17,825
|
|
|
$
|
362,683
|
|
|
|
2015
|
|
2014
|
||||
|
Interest
|
$
|
23,447
|
|
|
$
|
23,199
|
|
|
Income taxes
|
21,517
|
|
|
94,493
|
|
||
|
|
Basic EPS
|
|
Dilutive
Effect of Stock Options |
|
Diluted EPS
|
||||||
|
Thirteen weeks ended September 26, 2015:
|
|
|
|
|
|
||||||
|
Net earnings attributable to Valmont Industries, Inc.
|
$
|
12,066
|
|
|
$
|
—
|
|
|
$
|
12,066
|
|
|
Shares outstanding
|
23,057
|
|
|
113
|
|
|
23,170
|
|
|||
|
Per share amount
|
$
|
0.52
|
|
|
$
|
—
|
|
|
$
|
0.52
|
|
|
Thirteen weeks ended September 27, 2014:
|
|
|
|
|
|
||||||
|
Net earnings attributable to Valmont Industries, Inc.
|
$
|
23,559
|
|
|
$
|
—
|
|
|
$
|
23,559
|
|
|
Shares outstanding
|
25,287
|
|
|
226
|
|
|
25,513
|
|
|||
|
Per share amount
|
$
|
0.93
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.92
|
|
|
Thirty-nine weeks ended September 26, 2015:
|
|
|
|
|
|
||||||
|
Net earnings attributable to Valmont Industries, Inc.
|
$
|
70,678
|
|
|
$
|
—
|
|
|
$
|
70,678
|
|
|
Shares outstanding
|
23,420
|
|
|
114
|
|
|
23,534
|
|
|||
|
Per share amount
|
$
|
3.02
|
|
|
$
|
(0.02
|
)
|
|
$
|
3.00
|
|
|
Thirty-nine weeks ended September 27, 2014:
|
|
|
|
|
|
||||||
|
Net earnings attributable to Valmont Industries, Inc.
|
$
|
143,515
|
|
|
$
|
—
|
|
|
$
|
143,515
|
|
|
Shares outstanding
|
26,208
|
|
|
231
|
|
|
26,439
|
|
|||
|
Per share amount
|
$
|
5.48
|
|
|
$
|
(0.05
|
)
|
|
$
|
5.43
|
|
|
|
Thirteen Weeks Ended
|
|
Thirty-nine Weeks Ended
|
||||||||||||
|
|
September 26,
2015 |
|
September 27,
2014 |
|
September 26,
2015 |
|
September 27,
2014 |
||||||||
|
SALES:
|
|
|
|
|
|
|
|
||||||||
|
Engineered Infrastructure Products segment:
|
|
|
|
|
|
|
|
||||||||
|
Lighting, Traffic, and Roadway Products
|
$
|
147,425
|
|
|
$
|
158,977
|
|
|
$
|
447,380
|
|
|
$
|
462,707
|
|
|
Communication Products
|
51,940
|
|
|
45,952
|
|
|
130,431
|
|
|
119,456
|
|
||||
|
Offshore Structures
|
26,813
|
|
|
41,284
|
|
|
74,796
|
|
|
105,805
|
|
||||
|
Access Systems
|
33,691
|
|
|
48,686
|
|
|
106,724
|
|
|
139,745
|
|
||||
|
Engineered Infrastructure Products segment
|
259,869
|
|
|
294,899
|
|
|
759,331
|
|
|
827,713
|
|
||||
|
Utility Support Structures segment:
|
|
|
|
|
|
|
|
||||||||
|
Steel
|
135,997
|
|
|
156,112
|
|
|
433,695
|
|
|
527,123
|
|
||||
|
Concrete
|
28,687
|
|
|
25,073
|
|
|
70,259
|
|
|
81,819
|
|
||||
|
Utility Support Structures segment
|
164,684
|
|
|
181,185
|
|
|
503,954
|
|
|
608,942
|
|
||||
|
Coatings segment
|
76,200
|
|
|
86,735
|
|
|
226,654
|
|
|
254,063
|
|
||||
|
Irrigation segment
|
112,205
|
|
|
174,288
|
|
|
420,502
|
|
|
606,938
|
|
||||
|
Other
|
42,285
|
|
|
60,838
|
|
|
146,547
|
|
|
181,226
|
|
||||
|
Total
|
655,243
|
|
|
797,945
|
|
|
2,056,988
|
|
|
2,478,882
|
|
||||
|
INTERSEGMENT SALES:
|
|
|
|
|
|
|
|
||||||||
|
Engineered Infrastructure Products segment
|
6,931
|
|
|
10,696
|
|
|
18,057
|
|
|
48,427
|
|
||||
|
Utility Support Structures segment
|
287
|
|
|
626
|
|
|
849
|
|
|
2,146
|
|
||||
|
Coatings segment
|
11,428
|
|
|
13,166
|
|
|
36,153
|
|
|
42,889
|
|
||||
|
Irrigation segment
|
6
|
|
|
1
|
|
|
18
|
|
|
14
|
|
||||
|
Other
|
4,016
|
|
|
7,788
|
|
|
16,815
|
|
|
25,399
|
|
||||
|
Total
|
22,668
|
|
|
32,277
|
|
|
71,892
|
|
|
118,875
|
|
||||
|
NET SALES:
|
|
|
|
|
|
|
|
||||||||
|
Engineered Infrastructure Products segment
|
252,938
|
|
|
284,203
|
|
|
741,274
|
|
|
779,286
|
|
||||
|
Utility Support Structures segment
|
164,397
|
|
|
180,559
|
|
|
503,105
|
|
|
606,796
|
|
||||
|
Coatings segment
|
64,772
|
|
|
73,569
|
|
|
190,501
|
|
|
211,174
|
|
||||
|
Irrigation segment
|
112,199
|
|
|
174,287
|
|
|
420,484
|
|
|
606,924
|
|
||||
|
Other
|
38,269
|
|
|
53,050
|
|
|
129,732
|
|
|
155,827
|
|
||||
|
Total
|
$
|
632,575
|
|
|
$
|
765,668
|
|
|
$
|
1,985,096
|
|
|
$
|
2,360,007
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING INCOME:
|
|
|
|
|
|
|
|
||||||||
|
Engineered Infrastructure Products segment
|
$
|
14,154
|
|
|
$
|
33,200
|
|
|
$
|
43,560
|
|
|
$
|
75,534
|
|
|
Utility Support Structures segment
|
14,505
|
|
|
16,975
|
|
|
40,261
|
|
|
76,107
|
|
||||
|
Coatings segment
|
3,145
|
|
|
17,554
|
|
|
22,006
|
|
|
47,260
|
|
||||
|
Irrigation segment
|
10,539
|
|
|
26,888
|
|
|
60,655
|
|
|
111,507
|
|
||||
|
Other
|
3,886
|
|
|
6,211
|
|
|
16,757
|
|
|
23,104
|
|
||||
|
Corporate
|
(9,217
|
)
|
|
(13,025
|
)
|
|
(34,544
|
)
|
|
(42,085
|
)
|
||||
|
Total
|
$
|
37,012
|
|
|
$
|
87,803
|
|
|
$
|
148,695
|
|
|
$
|
291,427
|
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||
|
Net sales
|
$
|
249,121
|
|
|
$
|
114,766
|
|
|
$
|
321,726
|
|
|
$
|
(53,038
|
)
|
|
$
|
632,575
|
|
|
Cost of sales
|
191,143
|
|
|
82,848
|
|
|
255,424
|
|
|
(53,591
|
)
|
|
475,824
|
|
|||||
|
Gross profit
|
57,978
|
|
|
31,918
|
|
|
66,302
|
|
|
553
|
|
|
156,751
|
|
|||||
|
Selling, general and administrative expenses
|
44,432
|
|
|
11,154
|
|
|
48,953
|
|
|
—
|
|
|
104,539
|
|
|||||
|
Impairment of goodwill and intangible assets
|
—
|
|
|
—
|
|
|
15,200
|
|
|
—
|
|
|
15,200
|
|
|||||
|
Operating income
|
13,546
|
|
|
20,764
|
|
|
2,149
|
|
|
553
|
|
|
37,012
|
|
|||||
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest expense
|
(10,822
|
)
|
|
—
|
|
|
(298
|
)
|
|
—
|
|
|
(11,120
|
)
|
|||||
|
Interest income
|
(9
|
)
|
|
2
|
|
|
912
|
|
|
—
|
|
|
905
|
|
|||||
|
Other
|
(2,123
|
)
|
|
31
|
|
|
862
|
|
|
—
|
|
|
(1,230
|
)
|
|||||
|
|
(12,954
|
)
|
|
33
|
|
|
1,476
|
|
|
—
|
|
|
(11,445
|
)
|
|||||
|
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries
|
592
|
|
|
20,797
|
|
|
3,625
|
|
|
553
|
|
|
25,567
|
|
|||||
|
Income tax expense (benefit):
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Current
|
(9,059
|
)
|
|
8,423
|
|
|
7,226
|
|
|
156
|
|
|
6,746
|
|
|||||
|
Deferred
|
7,909
|
|
|
(478
|
)
|
|
(2,159
|
)
|
|
—
|
|
|
5,272
|
|
|||||
|
|
(1,150
|
)
|
|
7,945
|
|
|
5,067
|
|
|
156
|
|
|
12,018
|
|
|||||
|
Earnings before equity in earnings of nonconsolidated subsidiaries
|
1,742
|
|
|
12,852
|
|
|
(1,442
|
)
|
|
397
|
|
|
13,549
|
|
|||||
|
Equity in earnings of nonconsolidated subsidiaries
|
10,324
|
|
|
1,254
|
|
|
—
|
|
|
(11,578
|
)
|
|
—
|
|
|||||
|
Net earnings
|
12,066
|
|
|
14,106
|
|
|
(1,442
|
)
|
|
(11,181
|
)
|
|
13,549
|
|
|||||
|
Less: Earnings attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(1,483
|
)
|
|
—
|
|
|
(1,483
|
)
|
|||||
|
Net earnings attributable to Valmont Industries, Inc
|
$
|
12,066
|
|
|
$
|
14,106
|
|
|
$
|
(2,925
|
)
|
|
$
|
(11,181
|
)
|
|
$
|
12,066
|
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||
|
Net sales
|
$
|
889,408
|
|
|
$
|
312,804
|
|
|
$
|
946,517
|
|
|
$
|
(163,633
|
)
|
|
$
|
1,985,096
|
|
|
Cost of sales
|
673,789
|
|
|
235,893
|
|
|
747,075
|
|
|
(163,414
|
)
|
|
1,493,343
|
|
|||||
|
Gross profit
|
215,619
|
|
|
76,911
|
|
|
199,442
|
|
|
(219
|
)
|
|
491,753
|
|
|||||
|
Selling, general and administrative expenses
|
143,387
|
|
|
33,542
|
|
|
150,929
|
|
|
—
|
|
|
327,858
|
|
|||||
|
Impairment of goodwill and intangible assets
|
—
|
|
|
—
|
|
|
15,200
|
|
|
—
|
|
|
15,200
|
|
|||||
|
Operating income
|
72,232
|
|
|
43,369
|
|
|
33,313
|
|
|
(219
|
)
|
|
148,695
|
|
|||||
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest expense
|
(32,548
|
)
|
|
—
|
|
|
(932
|
)
|
|
—
|
|
|
(33,480
|
)
|
|||||
|
Interest income
|
4
|
|
|
6
|
|
|
2,385
|
|
|
—
|
|
|
2,395
|
|
|||||
|
Other
|
(3,020
|
)
|
|
31
|
|
|
2,747
|
|
|
—
|
|
|
(242
|
)
|
|||||
|
|
(35,564
|
)
|
|
37
|
|
|
4,200
|
|
|
—
|
|
|
(31,327
|
)
|
|||||
|
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries
|
36,668
|
|
|
43,406
|
|
|
37,513
|
|
|
(219
|
)
|
|
117,368
|
|
|||||
|
Income tax expense (benefit):
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Current
|
(122
|
)
|
|
18,273
|
|
|
19,570
|
|
|
(65
|
)
|
|
37,656
|
|
|||||
|
Deferred
|
11,728
|
|
|
(1,062
|
)
|
|
(5,449
|
)
|
|
—
|
|
|
5,217
|
|
|||||
|
|
11,606
|
|
|
17,211
|
|
|
14,121
|
|
|
(65
|
)
|
|
42,873
|
|
|||||
|
Earnings before equity in earnings of nonconsolidated subsidiaries
|
25,062
|
|
|
26,195
|
|
|
23,392
|
|
|
(154
|
)
|
|
74,495
|
|
|||||
|
Equity in earnings of nonconsolidated subsidiaries
|
45,616
|
|
|
6,435
|
|
|
—
|
|
|
(52,051
|
)
|
|
—
|
|
|||||
|
Net earnings
|
70,678
|
|
|
32,630
|
|
|
23,392
|
|
|
(52,205
|
)
|
|
74,495
|
|
|||||
|
Less: Earnings attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(3,817
|
)
|
|
—
|
|
|
(3,817
|
)
|
|||||
|
Net earnings attributable to Valmont Industries, Inc
|
$
|
70,678
|
|
|
$
|
32,630
|
|
|
$
|
19,575
|
|
|
$
|
(52,205
|
)
|
|
$
|
70,678
|
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||
|
Net sales
|
$
|
313,775
|
|
|
$
|
120,016
|
|
|
$
|
384,564
|
|
|
$
|
(52,687
|
)
|
|
$
|
765,668
|
|
|
Cost of sales
|
234,085
|
|
|
92,091
|
|
|
292,722
|
|
|
(52,730
|
)
|
|
566,168
|
|
|||||
|
Gross profit
|
79,690
|
|
|
27,925
|
|
|
91,842
|
|
|
43
|
|
|
199,500
|
|
|||||
|
Selling, general and administrative expenses
|
48,560
|
|
|
12,145
|
|
|
50,992
|
|
|
—
|
|
|
111,697
|
|
|||||
|
Operating income
|
31,130
|
|
|
15,780
|
|
|
40,850
|
|
|
43
|
|
|
87,803
|
|
|||||
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest expense
|
(8,061
|
)
|
|
—
|
|
|
(655
|
)
|
|
—
|
|
|
(8,716
|
)
|
|||||
|
Interest income
|
2
|
|
|
60
|
|
|
1,415
|
|
|
—
|
|
|
1,477
|
|
|||||
|
Costs associated with refinancing of debt
|
(38,705
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(38,705
|
)
|
|||||
|
Other
|
(196
|
)
|
|
(149
|
)
|
|
(1,999
|
)
|
|
—
|
|
|
(2,344
|
)
|
|||||
|
|
(46,960
|
)
|
|
(89
|
)
|
|
(1,239
|
)
|
|
—
|
|
|
(48,288
|
)
|
|||||
|
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries
|
(15,830
|
)
|
|
15,691
|
|
|
39,611
|
|
|
43
|
|
|
39,515
|
|
|||||
|
Income tax expense (benefit):
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Current
|
9,296
|
|
|
6,206
|
|
|
7,791
|
|
|
(3
|
)
|
|
23,290
|
|
|||||
|
Deferred
|
(12,430
|
)
|
|
(342
|
)
|
|
3,708
|
|
|
—
|
|
|
(9,064
|
)
|
|||||
|
|
(3,134
|
)
|
|
5,864
|
|
|
11,499
|
|
|
(3
|
)
|
|
14,226
|
|
|||||
|
Earnings before equity in earnings of nonconsolidated subsidiaries
|
(12,696
|
)
|
|
9,827
|
|
|
28,112
|
|
|
46
|
|
|
25,289
|
|
|||||
|
Equity in earnings of nonconsolidated subsidiaries
|
36,255
|
|
|
8,446
|
|
|
—
|
|
|
(44,705
|
)
|
|
(4
|
)
|
|||||
|
Net earnings
|
23,559
|
|
|
18,273
|
|
|
28,112
|
|
|
(44,659
|
)
|
|
25,285
|
|
|||||
|
Less: Earnings attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(1,726
|
)
|
|
—
|
|
|
(1,726
|
)
|
|||||
|
Net earnings attributable to Valmont Industries, Inc
|
$
|
23,559
|
|
|
$
|
18,273
|
|
|
$
|
26,386
|
|
|
$
|
(44,659
|
)
|
|
$
|
23,559
|
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||
|
Net sales
|
$
|
1,069,059
|
|
|
$
|
380,327
|
|
|
$
|
1,072,560
|
|
|
$
|
(161,939
|
)
|
|
$
|
2,360,007
|
|
|
Cost of sales
|
785,898
|
|
|
283,443
|
|
|
826,120
|
|
|
(162,413
|
)
|
|
1,733,048
|
|
|||||
|
Gross profit
|
283,161
|
|
|
96,884
|
|
|
246,440
|
|
|
474
|
|
|
626,959
|
|
|||||
|
Selling, general and administrative expenses
|
146,514
|
|
|
37,806
|
|
|
151,212
|
|
|
—
|
|
|
335,532
|
|
|||||
|
Operating income
|
136,647
|
|
|
59,078
|
|
|
95,228
|
|
|
474
|
|
|
291,427
|
|
|||||
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest expense
|
(23,427
|
)
|
|
—
|
|
|
(1,790
|
)
|
|
—
|
|
|
(25,217
|
)
|
|||||
|
Interest income
|
28
|
|
|
356
|
|
|
4,409
|
|
|
—
|
|
|
4,793
|
|
|||||
|
Costs associated with refinancing of debt
|
(38,705
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(38,705
|
)
|
|||||
|
Other
|
1,625
|
|
|
(501
|
)
|
|
(7,377
|
)
|
|
—
|
|
|
(6,253
|
)
|
|||||
|
|
(60,479
|
)
|
|
(145
|
)
|
|
(4,758
|
)
|
|
—
|
|
|
(65,382
|
)
|
|||||
|
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries
|
76,168
|
|
|
58,933
|
|
|
90,470
|
|
|
474
|
|
|
226,045
|
|
|||||
|
Income tax expense (benefit):
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Current
|
38,489
|
|
|
19,718
|
|
|
24,009
|
|
|
129
|
|
|
82,345
|
|
|||||
|
Deferred
|
(6,601
|
)
|
|
1,325
|
|
|
1,242
|
|
|
—
|
|
|
(4,034
|
)
|
|||||
|
|
31,888
|
|
|
21,043
|
|
|
25,251
|
|
|
129
|
|
|
78,311
|
|
|||||
|
Earnings before equity in earnings of nonconsolidated subsidiaries
|
44,280
|
|
|
37,890
|
|
|
65,219
|
|
|
345
|
|
|
147,734
|
|
|||||
|
Equity in earnings of nonconsolidated subsidiaries
|
99,235
|
|
|
17,469
|
|
|
—
|
|
|
(116,738
|
)
|
|
(34
|
)
|
|||||
|
Net earnings
|
143,515
|
|
|
55,359
|
|
|
65,219
|
|
|
(116,393
|
)
|
|
147,700
|
|
|||||
|
Less: Earnings attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(4,185
|
)
|
|
—
|
|
|
(4,185
|
)
|
|||||
|
Net earnings attributable to Valmont Industries, Inc
|
$
|
143,515
|
|
|
$
|
55,359
|
|
|
$
|
61,034
|
|
|
$
|
(116,393
|
)
|
|
$
|
143,515
|
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||
|
Net earnings
|
$
|
12,066
|
|
|
$
|
14,106
|
|
|
$
|
(1,442
|
)
|
|
$
|
(11,181
|
)
|
|
$
|
13,549
|
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Foreign currency translation adjustments:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Unrealized translation gain (loss)
|
—
|
|
|
(6,168
|
)
|
|
(47,350
|
)
|
|
—
|
|
|
(53,518
|
)
|
|||||
|
Unrealized loss on cash flow hedge:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Amortization cost included in interest expense
|
18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|||||
|
Realized (gain) loss included in net earnings during the period
|
—
|
|
|
—
|
|
|
(439
|
)
|
|
—
|
|
|
(439
|
)
|
|||||
|
Gain on cash flow hedges
|
(33
|
)
|
|
—
|
|
|
143
|
|
|
—
|
|
|
110
|
|
|||||
|
Equity in other comprehensive income
|
(51,484
|
)
|
|
—
|
|
|
—
|
|
|
51,484
|
|
|
—
|
|
|||||
|
Other comprehensive income (loss)
|
(51,499
|
)
|
|
(6,168
|
)
|
|
(47,646
|
)
|
|
51,484
|
|
|
(53,829
|
)
|
|||||
|
Comprehensive income (loss)
|
(39,433
|
)
|
|
7,938
|
|
|
(49,088
|
)
|
|
40,303
|
|
|
(40,280
|
)
|
|||||
|
Comprehensive income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
847
|
|
|
—
|
|
|
847
|
|
|||||
|
Comprehensive income (loss) attributable to Valmont Industries, Inc.
|
$
|
(39,433
|
)
|
|
$
|
7,938
|
|
|
$
|
(48,241
|
)
|
|
$
|
40,303
|
|
|
$
|
(39,433
|
)
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||
|
Net earnings
|
$
|
70,678
|
|
|
$
|
32,630
|
|
|
$
|
23,392
|
|
|
$
|
(52,205
|
)
|
|
$
|
74,495
|
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Foreign currency translation adjustments:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Unrealized translation gain (loss)
|
—
|
|
|
(14,980
|
)
|
|
(78,388
|
)
|
|
—
|
|
|
(93,368
|
)
|
|||||
|
Unrealized loss on cash flow hedge:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Amortization cost included in interest expense
|
55
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55
|
|
|||||
|
Realized loss included in net earnings during the period
|
—
|
|
|
—
|
|
|
(439
|
)
|
|
—
|
|
|
(439
|
)
|
|||||
|
Gain on cash flow hedges
|
(242
|
)
|
|
—
|
|
|
1,397
|
|
|
—
|
|
|
1,155
|
|
|||||
|
Equity in other comprehensive income
|
(88,387
|
)
|
|
—
|
|
|
—
|
|
|
88,387
|
|
|
—
|
|
|||||
|
Other comprehensive income (loss)
|
(88,574
|
)
|
|
(14,980
|
)
|
|
(77,430
|
)
|
|
88,387
|
|
|
(92,597
|
)
|
|||||
|
Comprehensive income (loss)
|
(17,896
|
)
|
|
17,650
|
|
|
(54,038
|
)
|
|
36,182
|
|
|
(18,102
|
)
|
|||||
|
Comprehensive income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
206
|
|
|
—
|
|
|
206
|
|
|||||
|
Comprehensive income (loss) attributable to Valmont Industries, Inc.
|
$
|
(17,896
|
)
|
|
$
|
17,650
|
|
|
$
|
(53,832
|
)
|
|
$
|
36,182
|
|
|
$
|
(17,896
|
)
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||
|
Net earnings
|
$
|
23,559
|
|
|
$
|
18,273
|
|
|
$
|
28,112
|
|
|
$
|
(44,659
|
)
|
|
$
|
25,285
|
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Foreign currency translation adjustments:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Unrealized translation gain (loss)
|
—
|
|
|
(53,168
|
)
|
|
(5,833
|
)
|
|
—
|
|
|
(59,001
|
)
|
|||||
|
Unrealized loss on cash flow hedge:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Amortization cost included in interest expense
|
100
|
|
|
—
|
|
|
283
|
|
|
—
|
|
|
383
|
|
|||||
|
Realized loss included in net earnings during the period
|
983
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
983
|
|
|||||
|
Gain on cash flow hedges
|
4,837
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,837
|
|
|||||
|
Actuarial gain (loss) in defined benefit pension plan liability
|
—
|
|
|
—
|
|
|
1,116
|
|
|
—
|
|
|
1,116
|
|
|||||
|
Equity in other comprehensive income
|
(55,787
|
)
|
|
—
|
|
|
—
|
|
|
55,787
|
|
|
—
|
|
|||||
|
Other comprehensive income (loss)
|
(49,867
|
)
|
|
(53,168
|
)
|
|
(4,434
|
)
|
|
55,787
|
|
|
(51,682
|
)
|
|||||
|
Comprehensive income (loss)
|
(26,308
|
)
|
|
(34,895
|
)
|
|
23,678
|
|
|
11,128
|
|
|
(26,397
|
)
|
|||||
|
Comprehensive income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
89
|
|
|
—
|
|
|
89
|
|
|||||
|
Comprehensive income (loss) attributable to Valmont Industries, Inc.
|
$
|
(26,308
|
)
|
|
$
|
(34,895
|
)
|
|
$
|
23,767
|
|
|
$
|
11,128
|
|
|
$
|
(26,308
|
)
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||
|
Net earnings
|
$
|
143,515
|
|
|
$
|
55,359
|
|
|
$
|
65,219
|
|
|
$
|
(116,393
|
)
|
|
$
|
147,700
|
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Foreign currency translation adjustments:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Unrealized translation gain (loss)
|
—
|
|
|
(52,105
|
)
|
|
18,610
|
|
|
—
|
|
|
(33,495
|
)
|
|||||
|
Unrealized loss on cash flow hedge:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Amortization cost included in interest expense
|
300
|
|
|
—
|
|
|
150
|
|
|
—
|
|
|
450
|
|
|||||
|
Realized loss included in net earnings during the period
|
983
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
983
|
|
|||||
|
Gain on cash flow hedges
|
4,837
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,837
|
|
|||||
|
Actuarial gain (loss) in defined benefit pension plan liability
|
—
|
|
|
—
|
|
|
269
|
|
|
—
|
|
|
269
|
|
|||||
|
Equity in other comprehensive income
|
(30,506
|
)
|
|
—
|
|
|
—
|
|
|
30,506
|
|
|
—
|
|
|||||
|
Other comprehensive income (loss)
|
(24,386
|
)
|
|
(52,105
|
)
|
|
19,029
|
|
|
30,506
|
|
|
(26,956
|
)
|
|||||
|
Comprehensive income
|
119,129
|
|
|
3,254
|
|
|
84,248
|
|
|
(85,887
|
)
|
|
120,744
|
|
|||||
|
Comprehensive income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(1,615
|
)
|
|
—
|
|
|
(1,615
|
)
|
|||||
|
Comprehensive income attributable to Valmont Industries, Inc.
|
$
|
119,129
|
|
|
$
|
3,254
|
|
|
$
|
82,633
|
|
|
$
|
(85,887
|
)
|
|
$
|
119,129
|
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||
|
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Current assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and cash equivalents
|
$
|
21,227
|
|
|
$
|
1,641
|
|
|
$
|
289,983
|
|
|
$
|
—
|
|
|
$
|
312,851
|
|
|
Receivables, net
|
137,255
|
|
|
68,885
|
|
|
295,263
|
|
|
—
|
|
|
501,403
|
|
|||||
|
Inventories
|
144,751
|
|
|
46,820
|
|
|
179,894
|
|
|
(3,175
|
)
|
|
368,290
|
|
|||||
|
Prepaid expenses
|
11,397
|
|
|
612
|
|
|
40,199
|
|
|
—
|
|
|
52,208
|
|
|||||
|
Refundable and deferred income taxes
|
30,001
|
|
|
6,262
|
|
|
8,473
|
|
|
—
|
|
|
44,736
|
|
|||||
|
Total current assets
|
344,631
|
|
|
124,220
|
|
|
813,812
|
|
|
(3,175
|
)
|
|
1,279,488
|
|
|||||
|
Property, plant and equipment, at cost
|
544,933
|
|
|
127,761
|
|
|
410,517
|
|
|
—
|
|
|
1,083,211
|
|
|||||
|
Less accumulated depreciation and amortization
|
330,102
|
|
|
69,069
|
|
|
140,805
|
|
|
—
|
|
|
539,976
|
|
|||||
|
Net property, plant and equipment
|
214,831
|
|
|
58,692
|
|
|
269,712
|
|
|
—
|
|
|
543,235
|
|
|||||
|
Goodwill
|
20,108
|
|
|
107,542
|
|
|
235,033
|
|
|
—
|
|
|
362,683
|
|
|||||
|
Other intangible assets
|
252
|
|
|
40,031
|
|
|
134,874
|
|
|
—
|
|
|
175,157
|
|
|||||
|
Investment in subsidiaries and intercompany accounts
|
1,356,897
|
|
|
848,126
|
|
|
921,673
|
|
|
(3,126,696
|
)
|
|
—
|
|
|||||
|
Other assets
|
47,404
|
|
|
16
|
|
|
81,718
|
|
|
—
|
|
|
129,138
|
|
|||||
|
Total assets
|
$
|
1,984,123
|
|
|
$
|
1,178,627
|
|
|
$
|
2,456,822
|
|
|
$
|
(3,129,871
|
)
|
|
$
|
2,489,701
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Current installments of long-term debt
|
$
|
215
|
|
|
$
|
—
|
|
|
$
|
884
|
|
|
$
|
—
|
|
|
$
|
1,099
|
|
|
Notes payable to banks
|
—
|
|
|
—
|
|
|
1,496
|
|
|
—
|
|
|
1,496
|
|
|||||
|
Accounts payable
|
64,931
|
|
|
14,213
|
|
|
107,437
|
|
|
—
|
|
|
186,581
|
|
|||||
|
Accrued employee compensation and benefits
|
30,576
|
|
|
5,151
|
|
|
34,522
|
|
|
—
|
|
|
70,249
|
|
|||||
|
Accrued expenses
|
44,031
|
|
|
6,145
|
|
|
54,603
|
|
|
—
|
|
|
104,779
|
|
|||||
|
Dividends payable
|
8,649
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,649
|
|
|||||
|
Total current liabilities
|
148,402
|
|
|
25,509
|
|
|
198,942
|
|
|
—
|
|
|
372,853
|
|
|||||
|
Deferred income taxes
|
8,220
|
|
|
27,994
|
|
|
29,986
|
|
|
—
|
|
|
66,200
|
|
|||||
|
Long-term debt, excluding current installments
|
759,033
|
|
|
—
|
|
|
5,790
|
|
|
—
|
|
|
764,823
|
|
|||||
|
Defined benefit pension liability
|
—
|
|
|
—
|
|
|
129,600
|
|
|
—
|
|
|
129,600
|
|
|||||
|
Deferred compensation
|
43,485
|
|
|
—
|
|
|
5,152
|
|
|
—
|
|
|
48,637
|
|
|||||
|
Other noncurrent liabilities
|
5,249
|
|
|
—
|
|
|
36,562
|
|
|
—
|
|
|
41,811
|
|
|||||
|
Shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Common stock of $1 par value
|
27,900
|
|
|
457,950
|
|
|
648,682
|
|
|
(1,106,632
|
)
|
|
27,900
|
|
|||||
|
Additional paid-in capital
|
—
|
|
|
159,414
|
|
|
1,107,536
|
|
|
(1,266,950
|
)
|
|
—
|
|
|||||
|
Retained earnings
|
1,767,621
|
|
|
571,936
|
|
|
416,341
|
|
|
(988,277
|
)
|
|
1,767,621
|
|
|||||
|
Accumulated other comprehensive income (loss)
|
(223,007
|
)
|
|
(64,176
|
)
|
|
(167,812
|
)
|
|
231,988
|
|
|
(223,007
|
)
|
|||||
|
Treasury stock
|
(552,780
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(552,780
|
)
|
|||||
|
Total Valmont Industries, Inc. shareholders’ equity
|
1,019,734
|
|
|
1,125,124
|
|
|
2,004,747
|
|
|
(3,129,871
|
)
|
|
1,019,734
|
|
|||||
|
Noncontrolling interest in consolidated subsidiaries
|
—
|
|
|
—
|
|
|
46,043
|
|
|
—
|
|
|
46,043
|
|
|||||
|
Total shareholders’ equity
|
1,019,734
|
|
|
1,125,124
|
|
|
2,050,790
|
|
|
(3,129,871
|
)
|
|
1,065,777
|
|
|||||
|
Total liabilities and shareholders’ equity
|
$
|
1,984,123
|
|
|
$
|
1,178,627
|
|
|
$
|
2,456,822
|
|
|
$
|
(3,129,871
|
)
|
|
$
|
2,489,701
|
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||
|
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Current assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and cash equivalents
|
$
|
69,869
|
|
|
$
|
2,157
|
|
|
$
|
299,553
|
|
|
$
|
—
|
|
|
$
|
371,579
|
|
|
Receivables, net
|
158,316
|
|
|
68,414
|
|
|
310,188
|
|
|
—
|
|
|
536,918
|
|
|||||
|
Inventories
|
127,859
|
|
|
54,914
|
|
|
177,512
|
|
|
(763
|
)
|
|
359,522
|
|
|||||
|
Prepaid expenses
|
7,087
|
|
|
502
|
|
|
49,323
|
|
|
—
|
|
|
56,912
|
|
|||||
|
Refundable and deferred income taxes
|
53,307
|
|
|
6,194
|
|
|
8,509
|
|
|
—
|
|
|
68,010
|
|
|||||
|
Total current assets
|
416,438
|
|
|
132,181
|
|
|
845,085
|
|
|
(763
|
)
|
|
1,392,941
|
|
|||||
|
Property, plant and equipment, at cost
|
556,658
|
|
|
124,182
|
|
|
458,729
|
|
|
—
|
|
|
1,139,569
|
|
|||||
|
Less accumulated depreciation and amortization
|
319,899
|
|
|
65,493
|
|
|
147,724
|
|
|
—
|
|
|
533,116
|
|
|||||
|
Net property, plant and equipment
|
236,759
|
|
|
58,689
|
|
|
311,005
|
|
|
—
|
|
|
606,453
|
|
|||||
|
Goodwill
|
20,108
|
|
|
107,542
|
|
|
257,461
|
|
|
—
|
|
|
385,111
|
|
|||||
|
Other intangible assets
|
292
|
|
|
43,644
|
|
|
158,068
|
|
|
—
|
|
|
202,004
|
|
|||||
|
Investment in subsidiaries and intercompany accounts
|
1,446,989
|
|
|
825,236
|
|
|
887,055
|
|
|
(3,159,280
|
)
|
|
—
|
|
|||||
|
Other assets
|
46,587
|
|
|
—
|
|
|
96,572
|
|
|
—
|
|
|
143,159
|
|
|||||
|
Total assets
|
$
|
2,167,173
|
|
|
$
|
1,167,292
|
|
|
$
|
2,555,246
|
|
|
$
|
(3,160,043
|
)
|
|
$
|
2,729,668
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Current installments of long-term debt
|
$
|
213
|
|
|
$
|
—
|
|
|
$
|
968
|
|
|
$
|
—
|
|
|
$
|
1,181
|
|
|
Notes payable to banks
|
—
|
|
|
—
|
|
|
13,952
|
|
|
—
|
|
|
13,952
|
|
|||||
|
Accounts payable
|
59,893
|
|
|
15,151
|
|
|
121,521
|
|
|
—
|
|
|
196,565
|
|
|||||
|
Accrued employee compensation and benefits
|
48,169
|
|
|
5,385
|
|
|
34,396
|
|
|
—
|
|
|
87,950
|
|
|||||
|
Accrued expenses
|
32,616
|
|
|
6,052
|
|
|
49,812
|
|
|
—
|
|
|
88,480
|
|
|||||
|
Dividends payable
|
9,086
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,086
|
|
|||||
|
Total current liabilities
|
149,977
|
|
|
26,588
|
|
|
220,649
|
|
|
—
|
|
|
397,214
|
|
|||||
|
Deferred income taxes
|
5,584
|
|
|
28,988
|
|
|
37,225
|
|
|
—
|
|
|
71,797
|
|
|||||
|
Long-term debt, excluding current installments
|
759,895
|
|
|
—
|
|
|
6,759
|
|
|
—
|
|
|
766,654
|
|
|||||
|
Defined benefit pension liability
|
—
|
|
|
—
|
|
|
150,124
|
|
|
—
|
|
|
150,124
|
|
|||||
|
Deferred compensation
|
41,803
|
|
|
—
|
|
|
6,129
|
|
|
—
|
|
|
47,932
|
|
|||||
|
Other noncurrent liabilities
|
8,081
|
|
|
—
|
|
|
37,461
|
|
|
—
|
|
|
45,542
|
|
|||||
|
Shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Common stock of $1 par value
|
27,900
|
|
|
457,950
|
|
|
648,682
|
|
|
(1,106,632
|
)
|
|
27,900
|
|
|||||
|
Additional paid-in capital
|
—
|
|
|
150,286
|
|
|
1,098,408
|
|
|
(1,248,694
|
)
|
|
—
|
|
|||||
|
Retained earnings
|
1,718,662
|
|
|
552,676
|
|
|
397,302
|
|
|
(949,978
|
)
|
|
1,718,662
|
|
|||||
|
Accumulated other comprehensive income
|
(134,433
|
)
|
|
(49,196
|
)
|
|
(96,065
|
)
|
|
145,261
|
|
|
(134,433
|
)
|
|||||
|
Treasury stock
|
(410,296
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(410,296
|
)
|
|||||
|
Total Valmont Industries, Inc. shareholders’ equity
|
1,201,833
|
|
|
1,111,716
|
|
|
2,048,327
|
|
|
(3,160,043
|
)
|
|
1,201,833
|
|
|||||
|
Noncontrolling interest in consolidated subsidiaries
|
—
|
|
|
—
|
|
|
48,572
|
|
|
—
|
|
|
48,572
|
|
|||||
|
Total shareholders’ equity
|
1,201,833
|
|
|
1,111,716
|
|
|
2,096,899
|
|
|
(3,160,043
|
)
|
|
1,250,405
|
|
|||||
|
Total liabilities and shareholders’ equity
|
$
|
2,167,173
|
|
|
$
|
1,167,292
|
|
|
$
|
2,555,246
|
|
|
$
|
(3,160,043
|
)
|
|
$
|
2,729,668
|
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net earnings
|
$
|
70,678
|
|
|
$
|
32,630
|
|
|
$
|
23,392
|
|
|
$
|
(52,205
|
)
|
|
$
|
74,495
|
|
|
Adjustments to reconcile net earnings to net cash flows from operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Depreciation and amortization
|
22,373
|
|
|
9,372
|
|
|
39,114
|
|
|
—
|
|
|
70,859
|
|
|||||
|
Noncash loss on trading securities
|
—
|
|
|
—
|
|
|
5,020
|
|
|
—
|
|
|
5,020
|
|
|||||
|
Impairment of assets - restructuring activities
|
4,092
|
|
|
258
|
|
|
8,309
|
|
|
—
|
|
|
12,659
|
|
|||||
|
Impairment of Goodwill & Intangibles
|
—
|
|
|
—
|
|
|
15,200
|
|
|
—
|
|
|
15,200
|
|
|||||
|
Stock-based compensation
|
9,620
|
|
|
—
|
|
|
(3,953
|
)
|
|
—
|
|
|
5,667
|
|
|||||
|
Defined benefit pension plan expense
|
—
|
|
|
—
|
|
|
(460
|
)
|
|
—
|
|
|
(460
|
)
|
|||||
|
Contribution to defined benefit pension plan
|
—
|
|
|
—
|
|
|
(15,735
|
)
|
|
—
|
|
|
(15,735
|
)
|
|||||
|
Gain on sale of property, plant and equipment
|
333
|
|
|
267
|
|
|
663
|
|
|
—
|
|
|
1,263
|
|
|||||
|
Equity in earnings in nonconsolidated subsidiaries
|
(45,616
|
)
|
|
(6,435
|
)
|
|
—
|
|
|
52,051
|
|
|
—
|
|
|||||
|
Deferred income taxes
|
11,728
|
|
|
(1,062
|
)
|
|
(5,449
|
)
|
|
—
|
|
|
5,217
|
|
|||||
|
Changes in assets and liabilities (net of acquisitions):
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Receivables
|
21,061
|
|
|
(471
|
)
|
|
(15,039
|
)
|
|
—
|
|
|
5,551
|
|
|||||
|
Inventories
|
(16,893
|
)
|
|
8,094
|
|
|
(16,648
|
)
|
|
—
|
|
|
(25,447
|
)
|
|||||
|
Prepaid expenses
|
840
|
|
|
(110
|
)
|
|
4,545
|
|
|
—
|
|
|
5,275
|
|
|||||
|
Accounts payable
|
5,038
|
|
|
(938
|
)
|
|
(3,268
|
)
|
|
—
|
|
|
832
|
|
|||||
|
Accrued expenses
|
(5,758
|
)
|
|
(140
|
)
|
|
13,266
|
|
|
—
|
|
|
7,368
|
|
|||||
|
Other noncurrent liabilities
|
(2,716
|
)
|
|
—
|
|
|
3,603
|
|
|
—
|
|
|
887
|
|
|||||
|
Income taxes payable (refundable)
|
14,216
|
|
|
(14
|
)
|
|
(31
|
)
|
|
—
|
|
|
14,171
|
|
|||||
|
Net cash flows from operating activities
|
88,996
|
|
|
41,451
|
|
|
52,529
|
|
|
(154
|
)
|
|
182,822
|
|
|||||
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Purchase of property, plant and equipment
|
(9,547
|
)
|
|
(6,065
|
)
|
|
(18,835
|
)
|
|
—
|
|
|
(34,447
|
)
|
|||||
|
Proceeds from sale of assets
|
1,508
|
|
|
36
|
|
|
1,712
|
|
|
—
|
|
|
3,256
|
|
|||||
|
Other, net
|
45,326
|
|
|
(35,859
|
)
|
|
(3,641
|
)
|
|
154
|
|
|
5,980
|
|
|||||
|
Net cash flows from investing activities
|
37,287
|
|
|
(41,888
|
)
|
|
(20,764
|
)
|
|
154
|
|
|
(25,211
|
)
|
|||||
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net borrowings under short-term agreements
|
—
|
|
|
—
|
|
|
(12,322
|
)
|
|
—
|
|
|
(12,322
|
)
|
|||||
|
Proceeds from long-term borrowings
|
37,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,000
|
|
|||||
|
Principal payments on long-term borrowings
|
(37,222
|
)
|
|
—
|
|
|
(656
|
)
|
|
—
|
|
|
(37,878
|
)
|
|||||
|
Dividends paid
|
(26,708
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26,708
|
)
|
|||||
|
Dividends to noncontrolling interest
|
—
|
|
|
—
|
|
|
(2,323
|
)
|
|
—
|
|
|
(2,323
|
)
|
|||||
|
Proceeds from exercises under stock plans
|
10,902
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,902
|
|
|||||
|
Excess tax benefits from stock option exercises
|
1,458
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,458
|
|
|||||
|
Purchase of treasury shares
|
(148,220
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(148,220
|
)
|
|||||
|
Purchase of common treasury shares - stock plan exercises
|
(12,135
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,135
|
)
|
|||||
|
Net cash flows from financing activities
|
(174,925
|
)
|
|
—
|
|
|
(15,301
|
)
|
|
—
|
|
|
(190,226
|
)
|
|||||
|
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
(79
|
)
|
|
(26,034
|
)
|
|
—
|
|
|
(26,113
|
)
|
|||||
|
Net change in cash and cash equivalents
|
(48,642
|
)
|
|
(516
|
)
|
|
(9,570
|
)
|
|
—
|
|
|
(58,728
|
)
|
|||||
|
Cash and cash equivalents—beginning of year
|
69,869
|
|
|
2,157
|
|
|
299,553
|
|
|
—
|
|
|
371,579
|
|
|||||
|
Cash and cash equivalents—end of period
|
$
|
21,227
|
|
|
$
|
1,641
|
|
|
$
|
289,983
|
|
|
$
|
—
|
|
|
$
|
312,851
|
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net earnings
|
$
|
143,515
|
|
|
$
|
55,359
|
|
|
$
|
65,219
|
|
|
$
|
(116,393
|
)
|
|
$
|
147,700
|
|
|
Adjustments to reconcile net earnings to net cash flows from operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Depreciation and amortization
|
17,094
|
|
|
9,804
|
|
|
37,562
|
|
|
—
|
|
|
64,460
|
|
|||||
|
Loss on investment
|
—
|
|
|
—
|
|
|
4,859
|
|
|
—
|
|
|
4,859
|
|
|||||
|
Non-cash debt refinancing costs
|
(2,478
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,478
|
)
|
|||||
|
Stock-based compensation
|
5,444
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,444
|
|
|||||
|
Change in fair value of contingent consideration
|
—
|
|
|
—
|
|
|
4,300
|
|
|
—
|
|
|
4,300
|
|
|||||
|
Defined benefit pension plan expense
|
—
|
|
|
—
|
|
|
2,003
|
|
|
—
|
|
|
2,003
|
|
|||||
|
Contribution to defined benefit pension plan
|
—
|
|
|
—
|
|
|
(18,245
|
)
|
|
—
|
|
|
(18,245
|
)
|
|||||
|
Gain on sale of property, plant and equipment
|
37
|
|
|
(30
|
)
|
|
51
|
|
|
—
|
|
|
58
|
|
|||||
|
Equity in earnings in nonconsolidated subsidiaries
|
(99,235
|
)
|
|
(17,469
|
)
|
|
—
|
|
|
116,738
|
|
|
34
|
|
|||||
|
Deferred income taxes
|
(6,601
|
)
|
|
1,325
|
|
|
1,242
|
|
|
—
|
|
|
(4,034
|
)
|
|||||
|
Changes in assets and liabilities (net of acquisitions):
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Receivables
|
(18,901
|
)
|
|
29,838
|
|
|
(30,888
|
)
|
|
—
|
|
|
(19,951
|
)
|
|||||
|
Inventories
|
2,914
|
|
|
5,036
|
|
|
(12,102
|
)
|
|
—
|
|
|
(4,152
|
)
|
|||||
|
Prepaid expenses
|
(2,213
|
)
|
|
173
|
|
|
(17,142
|
)
|
|
—
|
|
|
(19,182
|
)
|
|||||
|
Accounts payable
|
(2,788
|
)
|
|
(3,643
|
)
|
|
(14,651
|
)
|
|
—
|
|
|
(21,082
|
)
|
|||||
|
Accrued expenses
|
(18,654
|
)
|
|
(9,296
|
)
|
|
24
|
|
|
—
|
|
|
(27,926
|
)
|
|||||
|
Other noncurrent liabilities
|
2,061
|
|
|
—
|
|
|
(8,470
|
)
|
|
—
|
|
|
(6,409
|
)
|
|||||
|
Income taxes payable (refundable)
|
(16,149
|
)
|
|
(225
|
)
|
|
(6,328
|
)
|
|
—
|
|
|
(22,702
|
)
|
|||||
|
Net cash flows from operating activities
|
4,046
|
|
|
70,872
|
|
|
7,434
|
|
|
345
|
|
|
82,697
|
|
|||||
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Purchase of property, plant and equipment
|
(35,925
|
)
|
|
(1,972
|
)
|
|
(25,515
|
)
|
|
—
|
|
|
(63,412
|
)
|
|||||
|
Proceeds from sale of assets
|
8
|
|
|
127
|
|
|
1,972
|
|
|
—
|
|
|
2,107
|
|
|||||
|
Acquisitions, net of cash acquired
|
—
|
|
|
—
|
|
|
(137,438
|
)
|
|
—
|
|
|
(137,438
|
)
|
|||||
|
Other, net
|
36,954
|
|
|
(53,129
|
)
|
|
19,512
|
|
|
(345
|
)
|
|
2,992
|
|
|||||
|
Net cash flows from investing activities
|
1,037
|
|
|
(54,974
|
)
|
|
(141,469
|
)
|
|
(345
|
)
|
|
(195,751
|
)
|
|||||
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net borrowings under short-term agreements
|
—
|
|
|
—
|
|
|
(1,065
|
)
|
|
—
|
|
|
(1,065
|
)
|
|||||
|
Proceeds from long-term borrowings
|
652,540
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
652,540
|
|
|||||
|
Principal payments on long-term borrowings
|
(356,994
|
)
|
|
—
|
|
|
(65
|
)
|
|
—
|
|
|
(357,059
|
)
|
|||||
|
Settlement of financial derivative
|
4,837
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,837
|
|
|||||
|
Dividends paid
|
(23,357
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,357
|
)
|
|||||
|
Intercompany dividends
|
116,995
|
|
|
(44,000
|
)
|
|
(72,995
|
)
|
|
—
|
|
|
—
|
|
|||||
|
Dividends to noncontrolling interest
|
—
|
|
|
—
|
|
|
(1,340
|
)
|
|
—
|
|
|
(1,340
|
)
|
|||||
|
Debt issuance costs
|
(5,464
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,464
|
)
|
|||||
|
Intercompany capital contribution
|
(143,000
|
)
|
|
—
|
|
|
143,000
|
|
|
—
|
|
|
—
|
|
|||||
|
Proceeds from exercises under stock plans
|
12,824
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,824
|
|
|||||
|
Excess tax benefits from stock option exercises
|
3,916
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,916
|
|
|||||
|
Purchase of treasury shares
|
(316,296
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(316,296
|
)
|
|||||
|
Purchase of common treasury shares - stock plan exercises
|
(12,739
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,739
|
)
|
|||||
|
Net cash flows from financing activities
|
(66,738
|
)
|
|
(44,000
|
)
|
|
67,535
|
|
|
—
|
|
|
(43,203
|
)
|
|||||
|
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
(36
|
)
|
|
(5,195
|
)
|
|
—
|
|
|
(5,231
|
)
|
|||||
|
Net change in cash and cash equivalents
|
(61,655
|
)
|
|
(28,138
|
)
|
|
(71,695
|
)
|
|
—
|
|
|
(161,488
|
)
|
|||||
|
Cash and cash equivalents—beginning of year
|
215,576
|
|
|
29,797
|
|
|
368,333
|
|
|
—
|
|
|
613,706
|
|
|||||
|
Cash and cash equivalents—end of period
|
$
|
153,921
|
|
|
$
|
1,659
|
|
|
$
|
296,638
|
|
|
$
|
—
|
|
|
$
|
452,218
|
|
|
|
Thirteen Weeks Ended
|
|
Thirty-nine Weeks Ended
|
||||||||||||||||||
|
|
September 26, 2015
|
|
September 27, 2014
|
|
% Incr. (Decr.)
|
|
September 26, 2015
|
|
September 27, 2014
|
|
% Incr. (Decr.)
|
||||||||||
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net sales
|
$
|
632.6
|
|
|
$
|
765.7
|
|
|
(17.4
|
)%
|
|
$
|
1,985.1
|
|
|
$
|
2,360.0
|
|
|
(15.9
|
)%
|
|
Gross profit
|
156.8
|
|
|
199.5
|
|
|
(21.4
|
)%
|
|
491.8
|
|
|
627.0
|
|
|
(21.6
|
)%
|
||||
|
as a percent of sales
|
24.8
|
%
|
|
26.1
|
%
|
|
|
|
24.8
|
%
|
|
26.6
|
%
|
|
|
||||||
|
SG&A expense*
|
119.8
|
|
|
111.7
|
|
|
7.3
|
%
|
|
343.1
|
|
|
335.5
|
|
|
2.3
|
%
|
||||
|
as a percent of sales
|
18.9
|
%
|
|
14.6
|
%
|
|
|
|
17.3
|
%
|
|
14.2
|
%
|
|
|
||||||
|
Operating income
|
37.0
|
|
|
87.8
|
|
|
(57.9
|
)%
|
|
148.7
|
|
|
291.4
|
|
|
(49.0
|
)%
|
||||
|
as a percent of sales
|
5.8
|
%
|
|
11.5
|
%
|
|
|
|
7.5
|
%
|
|
12.3
|
%
|
|
|
||||||
|
Net interest expense
|
10.2
|
|
|
7.2
|
|
|
41.7
|
%
|
|
31.1
|
|
|
20.4
|
|
|
52.5
|
%
|
||||
|
Refinancing costs
|
—
|
|
|
38.7
|
|
|
NM
|
|
—
|
|
|
38.7
|
|
|
NM
|
||||||
|
Effective tax rate
|
47.0
|
%
|
|
36.0
|
%
|
|
|
|
36.5
|
%
|
|
34.6
|
%
|
|
|
||||||
|
Net earnings
|
$
|
12.1
|
|
|
$
|
23.6
|
|
|
(48.7
|
)%
|
|
$
|
70.7
|
|
|
$
|
143.5
|
|
|
(50.7
|
)%
|
|
Diluted earnings per share
|
$
|
0.52
|
|
|
$
|
0.92
|
|
|
(43.5
|
)%
|
|
$
|
3.00
|
|
|
$
|
5.43
|
|
|
(44.8
|
)%
|
|
Engineered Infrastructure Products
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net sales
|
253.0
|
|
|
284.2
|
|
|
(11.0
|
)%
|
|
741.3
|
|
|
779.3
|
|
|
(4.9
|
)%
|
||||
|
Gross profit
|
62.1
|
|
|
76.9
|
|
|
(19.2
|
)%
|
|
180.6
|
|
|
205.3
|
|
|
(12.0
|
)%
|
||||
|
SG&A expense*
|
48.0
|
|
|
43.7
|
|
|
9.8
|
%
|
|
137.1
|
|
|
129.8
|
|
|
5.6
|
%
|
||||
|
Operating income
|
14.1
|
|
|
33.2
|
|
|
(57.5
|
)%
|
|
43.5
|
|
|
75.5
|
|
|
(42.4
|
)%
|
||||
|
Utility Support Structures
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net sales
|
$
|
164.4
|
|
|
$
|
180.6
|
|
|
(9.0
|
)%
|
|
$
|
503.1
|
|
|
$
|
606.8
|
|
|
(17.1
|
)%
|
|
Gross profit
|
34.4
|
|
|
36.5
|
|
|
(5.8
|
)%
|
|
99.6
|
|
|
134.5
|
|
|
(25.9
|
)%
|
||||
|
SG&A expense
|
19.8
|
|
|
19.5
|
|
|
1.5
|
%
|
|
59.3
|
|
|
58.4
|
|
|
1.5
|
%
|
||||
|
Operating income
|
14.6
|
|
|
17.0
|
|
|
(14.1
|
)%
|
|
40.3
|
|
|
76.1
|
|
|
(47.0
|
)%
|
||||
|
Coatings
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net sales
|
$
|
64.8
|
|
|
$
|
73.6
|
|
|
(12.0
|
)%
|
|
$
|
190.5
|
|
|
$
|
211.2
|
|
|
(9.8
|
)%
|
|
Gross profit
|
21.9
|
|
|
26.7
|
|
|
(18.0
|
)%
|
|
58.7
|
|
|
75.3
|
|
|
(22.0
|
)%
|
||||
|
SG&A expense*
|
18.8
|
|
|
9.1
|
|
|
106.6
|
%
|
|
36.7
|
|
|
28.0
|
|
|
31.1
|
%
|
||||
|
Operating income
|
3.1
|
|
|
17.6
|
|
|
(82.4
|
)%
|
|
22.0
|
|
|
47.3
|
|
|
(53.5
|
)%
|
||||
|
Irrigation
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net sales
|
$
|
112.2
|
|
|
$
|
174.3
|
|
|
(35.6
|
)%
|
|
$
|
420.5
|
|
|
$
|
606.9
|
|
|
(30.7
|
)%
|
|
Gross profit
|
30.4
|
|
|
49.1
|
|
|
(38.1
|
)%
|
|
123.4
|
|
|
176.7
|
|
|
(30.2
|
)%
|
||||
|
SG&A expense
|
19.9
|
|
|
22.3
|
|
|
(10.8
|
)%
|
|
62.8
|
|
|
65.2
|
|
|
(3.7
|
)%
|
||||
|
Operating income
|
10.5
|
|
|
26.8
|
|
|
(60.8
|
)%
|
|
60.6
|
|
|
111.5
|
|
|
(45.7
|
)%
|
||||
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net sales
|
$
|
38.2
|
|
|
$
|
53.0
|
|
|
(27.9
|
)%
|
|
$
|
129.7
|
|
|
$
|
155.8
|
|
|
(16.8
|
)%
|
|
Gross profit
|
8.0
|
|
|
10.3
|
|
|
(22.3
|
)%
|
|
29.4
|
|
|
35.0
|
|
|
(16.0
|
)%
|
||||
|
SG&A expense
|
4.1
|
|
|
4.1
|
|
|
—
|
%
|
|
12.6
|
|
|
11.9
|
|
|
5.9
|
%
|
||||
|
Operating income
|
3.9
|
|
|
6.2
|
|
|
(37.1
|
)%
|
|
16.8
|
|
|
23.1
|
|
|
(27.3
|
)%
|
||||
|
Net corporate expense
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Gross profit
|
$
|
—
|
|
|
$
|
—
|
|
|
NM
|
|
$
|
0.1
|
|
|
$
|
0.2
|
|
|
50.0
|
%
|
|
|
SG&A expense
|
9.2
|
|
|
13.0
|
|
|
(29.2
|
)%
|
|
34.6
|
|
|
42.3
|
|
|
(18.2
|
)%
|
||||
|
Operating loss
|
(9.2
|
)
|
|
(13.0
|
)
|
|
29.2
|
%
|
|
(34.5
|
)
|
|
(42.1
|
)
|
|
18.1
|
%
|
||||
|
|
Third quarter
|
|||||||||||||||||
|
|
Total
|
EIP
|
Utility
|
Coatings
|
Irrigation
|
Other
|
||||||||||||
|
Sales - 2014
|
$
|
765.7
|
|
$
|
284.2
|
|
$
|
180.6
|
|
$
|
73.6
|
|
$
|
174.3
|
|
$
|
53.0
|
|
|
Volume
|
(77.4
|
)
|
(11.3
|
)
|
(4.4
|
)
|
(5.9
|
)
|
(49.9
|
)
|
(5.9
|
)
|
||||||
|
Pricing/mix
|
(15.8
|
)
|
(5.2
|
)
|
(11.1
|
)
|
3.7
|
|
(1.1
|
)
|
(2.1
|
)
|
||||||
|
Acquisitions
|
17.7
|
|
15.3
|
|
—
|
|
—
|
|
2.4
|
|
—
|
|
||||||
|
Currency translation
|
(57.6
|
)
|
(30.0
|
)
|
(0.7
|
)
|
(6.6
|
)
|
(13.5
|
)
|
(6.8
|
)
|
||||||
|
Sales - 2015
|
$
|
632.6
|
|
$
|
253.0
|
|
$
|
164.4
|
|
$
|
64.8
|
|
$
|
112.2
|
|
$
|
38.2
|
|
|
|
Year-to-date
|
|||||||||||||||||
|
|
Total
|
EIP
|
Utility
|
Coatings
|
Irrigation
|
Other
|
||||||||||||
|
Sales - 2014
|
$
|
2,360.0
|
|
$
|
779.3
|
|
$
|
606.8
|
|
$
|
211.2
|
|
$
|
606.9
|
|
$
|
155.8
|
|
|
Volume
|
(242.4
|
)
|
(14.2
|
)
|
(43.3
|
)
|
(18.6
|
)
|
(160.6
|
)
|
(5.7
|
)
|
||||||
|
Pricing/mix
|
(60.1
|
)
|
(8.4
|
)
|
(54.0
|
)
|
12.1
|
|
(4.4
|
)
|
(5.4
|
)
|
||||||
|
Acquisitions
|
71.4
|
|
60.3
|
|
—
|
|
—
|
|
11.1
|
|
—
|
|
||||||
|
Currency translation
|
(143.8
|
)
|
(75.7
|
)
|
(6.4
|
)
|
(14.2
|
)
|
(32.5
|
)
|
(15.0
|
)
|
||||||
|
Sales - 2015
|
$
|
1,985.1
|
|
$
|
741.3
|
|
$
|
503.1
|
|
$
|
190.5
|
|
$
|
420.5
|
|
$
|
129.7
|
|
|
Gross Profit
|
Total
|
EIP
|
Utility
|
Coatings
|
Irrigation
|
Other
|
Corporate
|
||||||||||||||
|
Third quarter
|
$
|
(4.8
|
)
|
$
|
(3.1
|
)
|
$
|
(0.9
|
)
|
$
|
(0.8
|
)
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Year-to-date
|
$
|
(13.3
|
)
|
$
|
(4.9
|
)
|
$
|
(3.0
|
)
|
$
|
(5.3
|
)
|
$
|
—
|
|
$
|
(0.1
|
)
|
$
|
—
|
|
|
|
Total
|
EIP
|
Utility
|
Coatings
|
Irrigation
|
Other
|
Corporate
|
||||||||||||||
|
Third quarter
|
$
|
(8.8
|
)
|
$
|
(4.6
|
)
|
$
|
(1.1
|
)
|
$
|
(0.8
|
)
|
$
|
(0.1
|
)
|
$
|
—
|
|
$
|
(2.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Year-to-date
|
$
|
(23.8
|
)
|
$
|
(9.8
|
)
|
$
|
(3.6
|
)
|
$
|
(5.6
|
)
|
$
|
(0.4
|
)
|
$
|
(0.1
|
)
|
$
|
(4.3
|
)
|
|
|
Total
|
EIP
|
Utility
|
Coatings
|
Irrigation
|
Other
|
Corporate
|
||||||||||||||
|
Third quarter
|
$
|
(5.9
|
)
|
$
|
(2.8
|
)
|
$
|
0.1
|
|
$
|
(0.7
|
)
|
$
|
(2.5
|
)
|
$
|
(0.3
|
)
|
$
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Year-to-date
|
$
|
(13.6
|
)
|
$
|
(6.0
|
)
|
$
|
—
|
|
$
|
(1.3
|
)
|
$
|
(6.0
|
)
|
$
|
(0.9
|
)
|
$
|
0.6
|
|
|
•
|
the acquisition of Valmont SM, AgSense, and Shakespeare with expenses of $3.4 million and $12.3 million;
|
|
•
|
expenses incurred related to the restructuring plan of $4.0 million and $10.6 million; and
|
|
•
|
the impairment of goodwill and trade names of $15.2 million recorded in the third quarter.
|
|
•
|
currency translation effects of $7.0 million and $17.7 million, respectively, due to the strengthening of the U.S. dollar primarily against the Australian dollar, Brazilian Real, Euro, and South African Rand;
|
|
•
|
decreased employee incentive accruals and other compensation costs of $4.6 million and $10.3 million, due to lower operating results;
|
|
•
|
lower expenses associated with the Delta Pension Plan of $0.8 million and $2.5 million; and
|
|
•
|
reduced deferred compensation expenses of $1.9 million and $2.6 million, which was offset by the same amount of other expense.
|
|
•
|
decreased employee incentive accruals of $2.0 million and $8.0 million, due to lower operating results;
|
|
•
|
lower expenses associated with the Delta Pension Plan of $0.8 million and $2.5 million; and
|
|
•
|
reduced deferred compensation expenses of $1.9 million and $2.6 million, which was offset by the same amount of other expense.
|
|
•
|
$250.2 million face value ($254.9 million carrying value) of senior unsecured notes that bear interest at 6.625% per annum and are due in April 2020.
|
|
•
|
$250 million face value ($248.9 million carrying value) of senior unsecured notes that bear interest at 5.00% per annum and are due in October 2044.
|
|
•
|
$250 million face value ($246.7 million carrying value) of unsecured notes that bear interest at 5.25% per annum and are due in October 2054.
|
|
•
|
We are allowed to repurchase the notes at specified prepayment premiums. All three tranches of these notes are guaranteed by certain of our subsidiaries.
|
|
•
|
Interest-bearing debt is not to exceed 3.5X EBITDA of the prior four quarters; and
|
|
•
|
EBITDA over the prior four quarters must be at least 2.5X our interest expense over the same period.
|
|
Interest-bearing debt
|
$
|
767,418
|
|
|
EBITDA-last four quarters
|
311,374
|
|
|
|
Leverage ratio
|
2.46
|
|
|
|
|
|
||
|
EBITDA-last four quarters
|
$
|
311,374
|
|
|
Interest expense-last four quarters
|
45,053
|
|
|
|
Interest earned ratio
|
6.91
|
|
|
|
Net cash flows from operations
|
$
|
274,221
|
|
|
Interest expense
|
45,053
|
|
|
|
Income tax expense
|
59,455
|
|
|
|
Impairment of assets
|
(12,659
|
)
|
|
|
Impairment of Goodwill & Intangibles
|
(15,200
|
)
|
|
|
Loss on investment
|
(3,955
|
)
|
|
|
Acquisition earn-out release
|
4,300
|
|
|
|
Deferred income tax benefit
|
(14,502
|
)
|
|
|
Noncontrolling interest
|
(4,974
|
)
|
|
|
Equity in earnings of nonconsolidated subsidiaries
|
63
|
|
|
|
Stock-based compensation
|
(6,953
|
)
|
|
|
Pension plan expense
|
(176
|
)
|
|
|
Contribution to pension plan
|
15,663
|
|
|
|
Changes in assets and liabilities
|
(31,665
|
)
|
|
|
Other
|
2,703
|
|
|
|
EBITDA
|
311,374
|
|
|
|
Net earnings attributable to Valmont Industries, Inc.
|
$
|
111,139
|
|
|
Interest expense
|
45,053
|
|
|
|
Income tax expense
|
59,455
|
|
|
|
Depreciation and amortization expense
|
95,727
|
|
|
|
EBITDA
|
311,374
|
|
|
|
Period
|
|
Total Number of
Shares Purchased |
|
Average Price
paid per share |
|
Total Number of
Shares Purchased as Part of Publicly Announced Plans or Programs |
|
Approximate Dollar Value of Maximum Number of Shares that may yet be Purchased under the Program (1)
|
||||||
|
June 28, 2015 to July 25, 2015
|
71,597
|
|
|
$
|
116.68
|
|
|
71,597
|
|
|
$
|
225,582,000
|
|
|
|
July 26, 2015 to August 29, 2015
|
138,653
|
|
|
109.24
|
|
|
138,653
|
|
|
210,435,000
|
|
|||
|
August 30, 2015 to September 26, 2015
|
36,700
|
|
|
100.83
|
|
|
36,700
|
|
|
206,734,000
|
|
|||
|
Total
|
246,950
|
|
|
$
|
110.15
|
|
|
246,950
|
|
|
$
|
206,734,000
|
|
|
|
(a)
|
Exhibits
|
|
Exhibit No.
|
|
Description
|
|
31.1
|
|
Section 302 Certificate of Chief Executive Officer
|
|
31.2
|
|
Section 302 Certificate of Chief Financial Officer
|
|
32.1
|
|
Section 906 Certifications of Chief Executive Officer and Chief Financial Officer
|
|
101
|
|
The following financial information from Valmont's Quarterly Report on Form 10-Q for the quarter ended September 26, 2015, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Earnings, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, (v) the Condensed Consolidated Statements of Shareholders' Equity, (vi) Notes to Condensed Consolidated Financial Statements and (vii) document and entity information.
|
|
|
VALMONT INDUSTRIES, INC.
(Registrant)
|
|
|
/s/ MARK C. JAKSICH
|
|
|
Mark C. Jaksich
Executive Vice President and Chief Financial Officer
|
|
Exhibit No.
|
|
Description
|
|
31.1
|
|
Section 302 Certificate of Chief Executive Officer
|
|
31.2
|
|
Section 302 Certificate of Chief Financial Officer
|
|
32.1
|
|
Section 906 Certifications of Chief Executive Officer and Chief Financial Officer
|
|
101
|
|
The following financial information from Valmont's Quarterly Report on Form 10-Q for the quarter ended September 26, 2015, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Earnings, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, (v) the Condensed Consolidated Statements of Shareholders' Equity, (vi) Notes to Condensed Consolidated Financial Statements and (vii) document and entity information.
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|